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May 31, 2022 Market Update

Tuesday, May 31, 2022   /   by Bryan Baylon

May 31, 2022 Market Update

The latest S&P / Case-Shiller® Home Price Index® numbers were published on May 31.

The new report covers home sales during the period January to March 2022. So they do not reflect sale since April 1, 2022, nor the market slowdown we have experienced over the past 2 months.

Comparing with the previous month's series we see the following changes:

  1. Seattle +5.57%
  2. Denver +4.47%
  3. Dallas +4.30%
  4. San Francisco +4.26%
  5. San Diego +3.74%
  6. Tampa +3.68%
  7. Miami +3.64%
  8. Los Angeles +3.27%
  9. Atlanta +3.15%
  10. Las Vegas +3.10%
  11. Phoenix +2.98%
  12. Charlotte +2.91%
  13. Portland +2.88%
  14. Washington +2.86%
  15. Boston +2.62%
  16. Detroit +2.62%
  17. Cleveland +2.34%
  18. Minneapolis +2.07%
  19. New York +1.60%
  20. Chicago +1.51%

Phoenix has dropped another place to 11th but remains above the national average, which was 2.55%. No sign of a slow down here, but we would not expect any. Sales prices are a trailing indicator and these are all from the first quarter of 2022.

Comparing year of year, we see the following changes:

  1. Tampa +34.8%
  2. Phoenix +32.4%
  3. Miami +32.0%
  4. Dallas +30.7%
  5. San Diego +29.6%
  6. Las Vegas +28.5%
  7. Seattle +27.7%
  8. Charlotte +26.0%
  9. Atlanta +25.7%
  10. San Francisco +24.1%
  11. Denver +23.7%
  12. Los Angeles +23.2%
  13. Portland +19.3%
  14. Detroit +15.4%
  15. Cleveland +14.7%
  16. Boston +14.6%
  17. New York +13.7%
  18. Chicago +13.0%
  19. Washington +12.9%
  20. Minneapolis +12.4%

The national average was 20.6%. Phoenix has finally been toppled from the top spot by Tampa. Phoenix spent a total of 33 consecutive months at number one, establishing a new record.

Market incites provided by the Cromford report.

Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085
602-410-0827

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